An increased proportion of British consumers were “in the mood to spend” last month, according to a recent study.
Figures compiled by Legal & General show that despite the millions of people struggling to become debt free, the overall willingness to spend was greater in November than during any other month of this year.
In fact, consumers have been “spending with confidence” in recent weeks, the financial service firm claims, noting that around three per cent more people were optimistic about spending last month than was the case in November 2006.
Julia Clayworth, Legal & General’s wealth management customer marketing manager, said: “It is really interesting to see that despite suggestions we are starting to feel the pinch, consumers are still getting into the Christmas spirit and spending with confidence.
“As these results relate to November, I’m pleased to see that people are quite sensibly looking to spread the cost of Christmas over a few months rather than leave it all to the last minute.”
The UK’s payment association Apacs estimates that around £11.7 billion worth of spending nationwide during December will be funded by credit card debt.